KITACON DEBUTS ON MAIN MARKET AT 99 SEN FOR A 45.6 PCT PREMIUM

KUALA LUMPUR, Jan 17 (Bernama) – Kumpulan Kitacon Bhd (Kitacon) made a strong debut on the Main Market of Bursa Malaysia opening at 99 sen for a 31 sen or 45.59 per cent premium from its initial public offering (IPO) price of 68 sen.

On hitting the gong, the construction services provider saw 19.18 million of its shares traded.

The company is the first Main Market listing this year.

Kitacon managing director Tan Ah Kee said the company will continue to work hard with the same resolute focus to deliver sustainable growth

“Today marks a major corporate milestone for us. We are humbled to receive such an overwhelming support and response from everyone through this significant journey. A public listing is one of the most rewarding accomplishments, but at the same time, we are also aware of the responsibility that comes with our listing.

“We believe Kitacon will grow in strength over the coming years and aim to reward our shareholders for their trust and confidence in accordance with our dividend policy to pay out at least 25 per cent of the profit after tax,” he said at the listing ceremony of the company today.

Meanwhile, Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift said the listing exercise came at an ideal time for the company to capitalise on the growing opportunities in the construction industry.

“This is a clear reflection of investors’ confidence in your company’s growth prospects in light of the favourable industry outlook.

“I am of the view that Kumpulan Kitacon is well-positioned to leverage on numerous opportunities following this timely listing exercise, to strengthen your footing in the construction industry," he said at the listing ceremony.

In a statement, Kitacon said for the nine-month financial period ended Sept 30, 2022, the company reported an unaudited combined net profit of RM35.2 million on the back of RM350.8 million revenue.

RHB Investment Bank Bhd is the principal adviser, sole underwriter and sole placement agent for this IPO exercise.

-- BERNAMA